Key Averages Hovering at Session Highs
24-Jan-13 11:00 ET
[BRIEFING.COM] The major averages are trading near their session highs and the S&P 500 is hovering near 1500. The Dow and S&P 500 are registering modest gains while the Nasdaq is off by 0.2%. The tech-heavy index is being pressured by Apple (AAPL 461.71, -52.30), which reported disappointing quarterly results after yesterday's close. Though the Nasdaq was down nearly 1.0% at the open, the index was able to regain the bulk of its early losses.
With the tech sector bringing up the rear, the SPDR Technology Select Sector ETF (XLK 29.51, -0.27) is down 0.9%. On the flip side, consumer discretionary stocks are outperforming the broader market and the SPDR Consumer Discretionary Select Sector ETF (XLY 50.52, +0.53) is adding 1.1%.
The relative strength in discretionary stocks comes as Netflix (NFLX 142.34, +39.08) trades higher by 37.9%. The video rental service is surging after its fourth quarter results beat the Capital IQ consensus forecast on the top and the bottom line. Additionally, the company guided first quarter earnings and revenue above consensus.